Quite old news this one.
]Here's a news story on how everyone is against it
And here's the official site (although there's nowt there atm)
According to rockstar, the name is misleading. You don't play a bully as such, more of a 'rebel'. Part of the story involves you stopping bullies.. but I guess other parts does involve bully-like activities. I read a preview of the game in some Playstation magazine a month or two ago